Business
NextNav Announces Redemption of Public Warrants
NextNav Announces Redemption of Public
About this update from Nextnav Inc.
[{"type":"text","content":"\nNextNav Inc. (NASDAQ: NN) (“NextNav or the “Company”) a leader in next generation positioning, navigation, and timing (PNT) and 3D geolocation, today announced that it has delivered a notice of redemption for all of its outstanding public warrants (NASDAQ: NNAVW) (the “Warrants”) to purchase shares of the Company’s common stock (the “Common Stock”) at an exercise price of $11.50 per share. The Warrants will be redeemed at 5 p.m. New York City Time on June 26, 2026 (the “Redemption Date”), for a redemption price of $0.01 per Warrant (the “Redemption Price”), in accordance with the terms of the Company’s Amended and Restated Warrant Agreement dated as of October 28, 2021 (the “Warrant Agreement”).\n\n\nUnder the terms of the Warrant Agreement, the Company is entitled to redeem all of the Warrants if the last reported sale price of the Common Stock equals or exceeds $18.00 per share for any 20 trading days within a 30-trading day period ending on the third trading day prior to the date on which notice of redemption is given.\n\n\nAs of May 26, 2026, approximately 10 million Warrants were outstanding. Holders of the Warrants may exercise them for cash at an exercise price of $11.50 per share of Common Stock at any time prior to 5 p.m. New York City Time on the Redemption Date by contacting their broker. Any unexercised Warrants outstanding as of 5 p.m. New York City Time on the Redemption Date will be redeemed for the Redemption Price and will thereafter be cancelled and cease to be outstanding.\n\n\n“This action simplifies our capital structure, positioning us with greater financial flexibility as we continue executing on our strategy,” said Tim Gray, CFO of NextNav.\n\n\nHolders of Warrants should direct any questions concerning exercising their Warrants to their broker or to the Warrant Agent, Continental Stock Transfer and Trust Company, at 1 State Street, 30th Floor, Attention: Compliance Department, Floor New York, NY 10004, or by telephone at (212) 509-4000. General questions concerning the redemption may be directed to the Company’s investor relations team at [email protected].\n\n\nNo Offer or Solicitation\nThis press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any offer of any of the Company’s securities in any jurisdiction in which such offer, solicitation or sale...